5 Tax rate: 21%

Question 5 1 pts Arrowhead Corporation had sales of $7 million last year. Costs of goods sold and operating expenses amounted to 60% of sales. Interest expense amounted to $160,000. Also, the firm sold 30,000 shares of JRAC Company common stock for $16 a share. Arrowhead had purchased these shares two years ago for $11 a share. Also, the firm received $50,000 in dividend income for the year. Calculate the firm's tax liability. $585,900 $554,400 O $591,150 $588,000 O $596,400